2009-07-20 11:00:00 CEST
2009-07-20 11:02:13 CEST
REGULATED INFORMATION
Cargotec - Interim report (Q1 and Q3)
Cargotec's Interim Report January-June 2009 - Demand Remained on Low Level
Cargotec Corporation INTERIM REPORT July 20, 2009 at 12.00 pm
EEST
Cargotec's Interim Report January-June 2009 - Demand Remained on Low
Level
Report Highlights - January-June
* Orders received totalled EUR 928 (1-6/2008: 2,168)
million.
* The order book was EUR 2,555 (31.12.2008: 3,054) million
at the end of the reporting period.
* Sales declined 17 percent and were EUR 1,353 (1-6/2008:
1,627) million.
* Operating profit excluding restructuring costs was EUR
18.0 (107.3) million, representing 1.3 (6.6) percent of sales.
* Operating profit was EUR -3.9 (107.3) million. Operating
profit includes EUR 21.9 (0.0) million of restructuring costs.
* Cash flow from operating activities before financial items
and taxes totalled EUR 106.8 (94.7) million.
* Net income for the period amounted to EUR -5.8 (70.1)
million.
* Earnings per share was EUR -0.11 (1.11).
Report Highlights - second quarter
* Orders received totalled EUR 471 (4-6/2008: 1,013)
million.
* Sales declined 25 percent and were EUR 678 (901) million.
* Operating profit excluding restructuring costs was EUR 3.0
(63.1) million, representing 0.4 (7.0) percent of sales.
* Operating profit was EUR -10.0 (63.1) million. Operating
profit includes EUR 13.1 (0.0) million of restructuring costs.
Cargotec's President and CEO Mikael Mäkinen:"As stated earlier, demand continued weak during the second quarter.
The whole first half of 2009 has been an extremely challenging time
in cargo handling, and has required heavy restructuring of our
operations. Our global supply footprint will change significantly
during this year. Additionally, we aim for a clearly better and more
efficient operating model in our sales and services network. The
strong cash flow during the first half is an excellent achievement in
this market situation", states President and CEO Mikael Mäkinen.
Press Conference for analysts and media:
A press conference for analysts and media will be combined with a
live international telephone conference and arranged on the
publishing day at 2.00 pm (EEST) at Cargotec's head office,
Sörnäisten rantatie 23, Helsinki. The event will be held in English.
The interim report will be presented by President and CEO Mikael
Mäkinen. The presentation material will be available on
www.cargotec.com by 2.00 pm (EEST).
The telephone conference, during which questions may be presented,
may be accessed at the following numbers ten minutes before the
beginning of the event: US callers +1 646 843 4608, non-US callers
+44 20 3023 4412, access code Cargotec Corporation.
The event can also be viewed as a live webcast at www.cargotec.com.
An on-demand audiocast of the conference will be published on
Cargotec's website later during the day.
A replay of the conference call will be available until 3.00 pm July
22, 2009 (EEST), in the following numbers: US callers +1 866 583
1035, non-US callers +44 20 8196 1998, access code 136498#.
For further information, please contact:
Eeva Sipilä, CFO, tel. +358 204 55 4281
Paula Liimatta, IR Manager, tel.+358 204 55 4634
Cargotec improves the efficiency of cargo flows by offering solutions
for the loading and unloading of goods on land and at sea - wherever
cargo is on the move. Cargotec's main daughter brands for cargo
handling Hiab, Kalmar and MacGregor are global market leaders in
their fields. Cargotec's global network offers extensive services
that ensure the continuous, reliable and sustainable performance of
equipment. Cargotec's sales totalled EUR 3.4 billion in 2008 and it
employs approximately 11,000 people. Cargotec's class B shares are
quoted on the NASDAQ OMX Helsinki. www.cargotec.com
Operating environment
Demand for load handling equipment was weak throughout the first half
of 2009. The marked fall in construction and new truck sales has
significantly weakened demand for load handling equipment. With their
fleets under-utilised, customers are postponing investment decisions
in the current, uncertain economic situation. Due to the weak market
situation in wood industry, the forestry crane markets are
particularly challenging. In addition, low demand has intensified
price competition between equipment manufacturers.
A drop in the number of containers handled in ports in early 2009
prompted customers to reappraise planned investments in container
handling equipment. Activity in the markets with respect to
investment projects underway and some currently under planning did
not feed through into orders. The Asia Pacific market area saw
greater levels of activity than elsewhere in the world, due to
publicly funded infrastructure projects. Demand for forklift trucks
and terminal tractors saw a clear fall due to faltering industrial
production and distribution centre activity.
The markets for marine cargo handling equipment have contracted
sharply, following the end of the shipbuilding boom of the last few
years. During the first half of 2009, marine cargo handling equipment
was ordered mainly for ships ordered in 2008. However, towards the
end of the review period, a slight rise in crude oil prices reflected
positively in the offshore equipment markets. Overcapacity in
shipping has led to the idling of vessels, their use for storage
purposes and increased scrapping. Furthermore, orders around the
world for new ships have been extremely low this year. Nevertheless,
cancellations of orders for marine cargo handling equipment have so
far remained at moderate levels.
Partly idle equipment lowered demand for services. However, the
services markets are in better shape than the equipment markets.
Lower cargo handling equipment utilisation rates also affected spare
parts sales. While customers remain interested in more flexible
operating models, they are slower to make the related decisions.
Orders Received
Orders received in the first half totalled EUR 928 (2,168) million.
The number of orders received fell in all business areas, due to
economic weakness. It should also be noted that the order intake
during the comparison period 2008 was record-high in both Kalmar and
MacGregor. The value of the orders secured during the second quarter
was EUR 471 (1,013) million, reaching the same level as during the
first quarter.
+-------------------------------------------------------------------------+
|MEUR |1-6/2009|Share, %|1-6/2008|Share, %|Change, %|1-12/2008|
|-----------------+--------+--------+--------+--------+---------+---------|
|Hiab | 268| 29| 467| 21| -43| 818|
|-----------------+--------+--------+--------+--------+---------+---------|
|Kalmar | 411| 44| 853| 39| -52| 1,566|
|-----------------+--------+--------+--------+--------+---------+---------|
|MacGregor | 251| 27| 854| 39| -71| 1,393|
|-----------------+--------+--------+--------+--------+---------+---------|
|Internal orders | -2| | -5| | | -9|
|-----------------+--------+--------+--------+--------+---------+---------|
|Total | 928| 100| 2,168| 100| -57| 3,769|
+-------------------------------------------------------------------------+
Hiab
Of total orders received in January-June, Hiab accounted for EUR 268
(467) million while its share of orders received in during the second
quarter was EUR 130 (238) million.
Major part of the orders Hiab secured were small individual orders,
which is typical of its operations. The number of orders received
continued to decline from the previous year, due to low demand
especially in construction-related customer segments.
In May, Hiab received an order for 60 loader cranes and 39 hooklifts
for trucks supplied to the Finnish Defence Forces. Delivery of the
equipment will begin during the third quarter of 2009.
In February, Hiab received a major order for 292 loader cranes from
BAE Systems Inc. in the US. Delivery of the equipment started during
the first quarter and will continue throughout the year. This order
follows the contract received in September 2008.
Kalmar
Of total orders received in January-June, Kalmar accounted for EUR
411 (853) million while its share of orders received in during the
second quarter was EUR 187 (363) million. The uncertainty in the
container handling outlook reflected in customers' investment
decisions lengthening decision-making processes. The lower usage
rates of container handling equipment reduced replacement
investments.
During the second quarter, Kalmar received an order for three E-One+
rubber-tyred gantry cranes (RTG) from Liscont Operadores de
Contentores, SA in Lisbon, Portugal. The equipment will be delivered
to the Liscont Container Terminal at Alcântara during the first half
of 2010. In addition, Kalmar secured a contract with Thessaloniki
Port Authority in Greece for seven forklift trucks to be delivered by
the end of the reporting period. Furthermore, an order for 46 rough
terrain container handlers was received from Tank-Automotive Armament
Command (TACOM), which is part of the US Department of Defence. The
equipment will be manufactured at Cargotec's new factory in Texas,
US, during 2010-2011. The order is continuation to an order for 62
rough terrain container handlers received during the first quarter.
During the first quarter, Kalmar signed a contract to provide 20
shuttle carriers to TTI Algeciras S.A. in Spain. The equipment will
be delivered by January 2010. In addition, Kalmar received an order
for reachstackers and heavy range terminal tractors from Vestas
Towers in the US. The equipment will be used to lift wind turbine
tower sectors and will be customised with special attachments. This
equipment was delivered during the second quarter.
During the first quarter, Kalmar also received terminal tractor
orders from, for example, China, Tunis and Russia. A total of 50
medium range terminal tractors will be delivered to the port of
Ningbo, China. A total of 20 heavy range terminal tractors will be
delivered to the port of Sociate Tunisienne De Acconage, Tunis and 15
terminal tractors to the port of Novorossiisk Commercial Sea, Russia.
In March, Cargotec Port Security, which is part of Kalmar, won its
first commercial contract for a spreader-mounted radiation detection
system from US based Lockheed Martin. The system meets the
requirements of US immigration officials.
MacGregor
Of total orders received in the first half, MacGregor accounted for
EUR 251 (854) million while its share of orders received during the
second quarter was EUR 155 (415) million. The drop in orders received
reflected the exceptional shipbuilding boom strongly slowing down.
However, competitors' delivery problems reflected positively on
orders and requests when shipyards aim to secure schedules of their
projects with help from MacGregor.
During the second quarter, MacGregor won cargo handling crane and
hatch cover orders for container ships and bulk carriers. Orders for
hatch covers to be installed on 10 bulk carriers were received from
Sungdong Shipbuilding & Marine Engineering in South Korea. The
equipment will be delivered in 2010. Hatch covers for 32 container
ships under construction in Japan and South Korea will be delivered
during 2010-2012. This order includes the design and key components
for the hatch covers. An order was received for the supply of cargo
handling cranes and hatch covers for six container ships under
construction at Chinese shipyard Rongcheng Shenfei Shipbuilding Co
Ltd. The scope of supply for each vessel includes five cranes and the
design of, and key components for, hatch covers. The equipment will
be delivered in 2010-2012.
In addition, an order was received for 96 cargo handling cranes
destined for 24 bulk carriers at ABG Shipyard Ltd in India, for Asian
and European owners. Delivery of the cranes is planned to start at
the end of 2009 and continue until mid 2013. Futhermore, in May,
MacGregor received orders for RoRo equipment from French Compagnie
Meridionale de Navigation and the French Navy.
During the second quarter, MacGregor also won an order for two twin
boom level luffing cargo handling cranes from the US Navy. Along with
the delivery of the new cranes, the order includes the removal and
disposal of the existing cranes, the refurbishment of existing boom
stands and crane bases, as well as providing preparatory work for a
crane stabilisation system. The cranes are expected to be operational
by March 2011.
During the first quarter, MacGregor received significant orders to
deliver linkspans to Jordan, Morocco and Ireland. The equipment will
be delivered at the end of 2009 and at the beginning of 2010.
MacGregor linkspan technology is tailored to suit a particular port's
specific circumstances.
In February, Japanese Taiheiyo Engineering ordered MacGregor
selfunloading systems to be installed on two coastal cement carriers
guaranteeing high capacity cargo discharging, low power consumption
and high reliability. Close co-operation with the company for many
years resulted to the order. The equipment will be delivered in 2010.
In March, MacGregor won a contract to deliver specially-designed RoRo
equipment to two logistic support vessels from the Australian Navy.
The equipment will be delivered in 2010 and 2011.
In March, MacGregor also received an order for 28 hose handling and
provision cranes from Korean shipyard Daewoo Shipbuilding & Marine
Engineering Co. The cranes are destined for five very large crude
carriers and two liquid natural gas carriers and they will be
delivered during 2010 and 2012.
Cargotec Services
The general economic slowdown also affected activity in the services
market, but to a smaller extent than in the equipment market.
Although a large number of small contracts typical of the services
business were signed, customers are delaying decision-making related
to major contracts.
During the first quarter, a five-year equipment servicing and
maintenance contract was signed with the Durres Port Authority in
Albania. In addition to equipment servicing and maintenance, contract
includes the management of the parts inventory.
Order Book
Order book totalled EUR 2,555 (December 31, 2008: 3,054) million on
June 30, 2009. Of the total order book, Hiab accounted for EUR 138
(164) million, Kalmar EUR 514 (704) million and MacGregor EUR 1,903
(2,187) million. Hiab's order book is about two months, Kalmar's
about six months and MacGregor's approximately 18 months long. An
estimated 80 percent of MacGregor's order book will be delivered by
the end of 2010. Order cancellations booked in MacGregor in the first
half totalled EUR 90 million.
+-------------------------------------------------------------------+
| MEUR | 30.6.2009 | Share, | 31.12.2008 | Share, | Change, |
| | | % | | % | % |
|--------------+-----------+--------+------------+--------+---------|
| Hiab | 138 | 5 | 164 | 5 | -16 |
|--------------+-----------+--------+------------+--------+---------|
| Kalmar | 514 | 20 | 704 | 23 | -27 |
|--------------+-----------+--------+------------+--------+---------|
| MacGregor | 1,903 | 74 | 2,187 | 72 | -13 |
|--------------+-----------+--------+------------+--------+---------|
| Internal | 0 | | -1 | | |
| order book | | | | | |
|--------------+-----------+--------+------------+--------+---------|
| Total | 2,555 | 100 | 3,054 | 100 | -16 |
+-------------------------------------------------------------------+
Sales
First half sales totalled EUR 1,353 (1,627) million. Sales declined
17 percent from the previous year. Only deliveries of marine cargo
handling equipment grew from the previous year. Sales for the second
quarter were EUR 678 (901) million.
+-------------------------------------------------------------------------+
|MEUR | 1-6/2009|Share, %| 1-6/2008|Share, %|Change, %| 1-12/2008|
|-----------+----------+--------+----------+--------+---------+-----------|
|Hiab | 292| 22| 483| 30| -39| 907|
|-----------+----------+--------+----------+--------+---------+-----------|
|Kalmar | 588| 43| 717| 44| -18| 1,515|
|-----------+----------+--------+----------+--------+---------+-----------|
|MacGregor | 475| 35| 431| 26| 10| 985|
|-----------+----------+--------+----------+--------+---------+-----------|
|Internal | -2| | -4| | | -8|
|sales | | | | | | |
|-----------+----------+--------+----------+--------+---------+-----------|
|Total | 1,353| 100| 1,627| 100| -17| 3,399|
+-------------------------------------------------------------------------+
Hiab's sales declined and were EUR 292 (483) million in the first
half. Second quarter sales were EUR 139 (253) million. This decline
is attributable to the low order intake in the first half. The low
sales volume reflects the general weakness in the load handling
equipment market and customers' lack of willingness to invest.
Kalmar's first-half sales totalled EUR 588 (717) million, of which
EUR 282 (396) was attributable to the second quarter. Delivery
volumes were healthy in the first half, thanks to the high order book
at the beginning of the year, but due to the slowdown in the markets,
heavy material handling equipment began to be affected by falling
volumes during the second quarter.
MacGregor's sales development was favourable in the first half
totalling EUR 475 (431) million. This sales growth was the result of
the strong order intake in previous years. Successful project
deliveries led to steady growth in sales volumes in the first half.
Second quarter sales was EUR 257 (254) million.
Sales from services amounted to EUR 364 (414) million in the first
half, representing 27 (25) percent of total sales. Sales from
services declined 12 percent from the comparison period level, which
is a consequence of lower demand in all segments in services
business. Services accounted for 30 (22) percent of the first half
sales at Hiab, 29 (29) percent at Kalmar and 23 (22) percent at
MacGregor.
Financial Result
First half operating profit totalled EUR -3.9 (107.3) million. The
operating profit includes EUR 21.9 (0.0) million of restructuring
costs.
Operating profit excluding restructuring costs for the first half was
EUR 18.0 (107.3) million, representing 1.3 (6.6) percent of sales.
The operating profit also includes a EUR 2.7 (3.1) million cost
impact for the purchase price allocation treatment of acquisitions
and EUR 6.0 (2.8) million costs from the On the Move change
programme.
Operating profit, particularly in Hiab, was eroded by the low
production capacity utilisation rate. Moreover, material costs, still
partly burdened by previous high price trends, weakened the
profitability of product deliveries made by Hiab and Kalmar.
MacGregor's profitability developed positively.
Second half operating profit totalled EUR -10.0 (63.1) million.
Operating profit includes EUR 13.1 (0.0) million of restructuring
costs. Operating profit excluding restructuring costs for the second
quarter was EUR 3.0 (63.1) million, representing 0.4 (7.0) percent of
sales.
The lag in the realisation of cost savings resulting from major
restructuring activities led to such savings being insufficient to
offset the impact on profit of plummeting demand. Of the EUR 25
million cost savings targeted by the restructuring measures initiated
in 2008 close to EUR 20 million are estimated to come through this
year, while the remainder in 2010. Additionally, the restructuring
initiated during the period under review targets EUR 25 million
annual cost savings.
Net income for the first half was EUR -5.8 (70.1) million and
earnings per share EUR -0.11 (1.11).
Balance Sheet, Financing and Cash Flow
On June 30, 2009, net working capital decreased to EUR 246 (December
31, 2008: 324) million. This fall was due to shrunken component and
materials inventories and lower receivables. In addition, at the turn
of the year the balance sheet showed a significant amount of
work-in-progress, which healthy early-year delivery volumes within
Kalmar and MacGregor has reduced. Tangible assets on the balance
sheet were EUR 297 (284) million and intangible assets EUR 765 (754)
million.
Cash flow from operating activities before financial items and taxes
for the first half was EUR 106.8 (94.7) million. The dividend payment
totalled EUR 37.1 (65.7) million.
Net debt at the end of the reporting period was EUR 467 (December 31,
2008: 478) million, including EUR 624 (565) million in
interest-bearing debt. The total equity/total assets ratio was 34.6
(33.0) percent while gearing increased to 57.5 (55.3) percent.
Gearing, raised by dividend payments in the first quarter, fell back
in the second.
Cargotec's financing structure is healthy. Interest-bearing debt
consists mainly of long-term corporate bonds maturing from the year
2012. On March 31, 2009, Cargotec had EUR 585 million of unused
long-term credit facilities.
In order to strengthen its financial structure, Cargotec raised a
total of EUR 100 million as five-year Pension Premium Loans (TyEL) in
March and June 2009.
Return on equity for the first half was -1.4 (15.6) percent and
return on capital employed was -0.4 (15.9) percent.
New Products and Product Development
Research and product development expenditure for the first half was
EUR 19.3 (22.8) million, representing 1.4 (1.4) percent of sales.
Despite the weakened market situation, Cargotec continues to invest
in product development.
Hiab introduced several new products in the small crane product
family. In addition, Hiab launched the first stiff boom crane for the
Chinese market. Furthermore, a new 30-tonne demountable was
introduced in Hiab's demountable product family.
During the second quarter, Kalmar introduced an electrical shuttle
carrier. With this new technology, the equipment features reduced
fuel consumption and lower emissions. Additionally, three new hybrid
terminal tractors for technology trials were supplied to the Port of
Long Beach, US.
In January Kalmar launched a new heavy range terminal tractor for
LoLo (lift-on, lift-off) operations. The tractor has been designed in
close co-operation with customers and it meets the strictest
requirements for ergonomics and driveability, power and economy as
well as environmental friendliness.
During the first half, Kalmar automatic stacking crane system
development concerning the performance testing was finalised in
Hamburg CTB terminal. The automatic stacking crane meets German
requirements for security systems. Integration testing with
customer's terminal system begins in July 2009.
Kalmar was also preparing of commencing ship-to-shore crane
production in Asia. At the same time, Kalmar has changed its cranes
so that it is easier to make the final assembly on the customer's
site. This makes the transportation simpler and less expensive. New
Kalmar ship-to-shore cranes will be delivered with a new crane
control system that includes the crane's control, crane management
and fault diagnostics.
In May, MacGregor introduced an innovative ultra-deepwater lifting
system, which includes a side-mounted hang-off frame for transfer of
loads from a steel-rope winch fitted standard crane to vertically
suspended fibre ropes. The development is continuation to the January
delivery of the first subsea knuckle-jib crane equipped with an
option for fibre rope handling. Technology for handling lightweight
fibre rope rather than traditional steel wire rope offers several
advantages: much heavier loads can be handled without strain to the
crane at unlimited depths and consequently, overall safety is
improved due to the lighter equipment which still can carry out heavy
work operations.
Capital Expenditure
Capital expenditure for the first half, excluding acquisitions and
customer financing, totalled EUR 41.9 (29.1) million. Investments in
customer financing were EUR 13.7 (20.2) million.
Cargotec made the decision to proceed with an investment plan for a
multi-assembly unit (MAU) in Stargard Szczecinski in Northern Poland,
to improve its global supply footprint. Production will start in
rented premises in the same region during 2009. The new MAU in
Stargard Szczecinski is planned to support the production of a wide
range of Cargotec equipment. Production start in own premises on the
new site is planned for the second quarter of 2010. The estimated
cash flow impact of the investment cost in 2009 will be close to EUR
20 million, of which EUR 4 million related mainly to land purchase
incurred in the second quarter.
The expansion of container spreader production capacity in Malaysia
continued during the reporting period. The new factory for rough
terrain container handlers in Texas, USA, started production. In
addition, the capacity expansion investment in Narva, Estonia and the
doubling of production capacity in Shanghai, China, were finalised
during the first half.
On the Move Change Programme
In January 2008, Cargotec announced the launch of an extensive On the
Move change programme aiming at a profitability improvement of EUR
80-100 million. The change programme aims to form a basis for
profitable growth through improved customer focus and efficiency.
The projects in the first phase have focused on streamlining support
functions and company structure as well as initiating IM projects
that improve efficiency. These projects continue and changes in
company structure will to a large extent be finalised during the
year.
The implementation of the programme continues with the launch of a
new governance model for management and organisation. There are three
key functions: solutions, supply and support that develop Cargotec's
processes across business area boundaries.
At the beginning of 2009, Cargotec established a common Supply
organisation, which is responsible for sourcing and supply and which
is developing global supply closer to customers as well as towards
lower cost environments. During 2009, Cargotec will implement a
significant change in its supply footprint. In 2008, the decision was
taken to close a factory in the USA and Finland. In addition, similar
decisions were taken during the period under review, affecting
factories in the Netherlands and Sweden. As a consequence of these
factory closures and in order to enhance efficiency, the operations
and capacity utilisation of the remaining factories will be
developed.
As a part of the On the Move change programme, Cargotec is developing
a new operating model for Hiab and Kalmar business areas globally.
Cargotec has formed a new Customer Operations organisation. According
to the plan, Hiab and Kalmar business areas will merge their current
separate sales and services organisations into three regions:
Cargotec Americas, Cargotec Asia Pacific and Cargotec EMEA, as part
of the organisation. Additionally, preparation work for a common
operating model for both products and services solutions has also
started.
Acquisitions
During the period, Cargotec acquired an 18 percent minority of Kalmar
España S.A., after which Cargotec owns all the shares of the company.
Personnel
On June 30, 2009, Cargotec employed 10,775 (12,097) people. Hiab
employed 3,729 (4,685) people, Kalmar 4,242 (4,737), and MacGregor
2,492 (2,527). The average number of employees during the first half
was 11,308 (11,567). The number of personnel in support functions has
increased due to the establishment of Cargotec's shared service
centre as well as common supply and country organisations.
Of Cargotec's total employees, 19 (20) percent were located in
Sweden, 12 (14) percent in Finland and 31 (30) percent in the rest of
Europe. North and South American personnel represented 11 (11)
percent, Asia Pacific 26 (23) percent and the rest of the world 2 (2)
percent of total employees.
As a result of the restructuring measures initiated in September
2008, the number of personnel decreased by 812 by the end of the
first half: by 509 in Hiab, by 294 in Kalmar, and by 9 in corporate
functions. These restructuring measures will lead to a total
personnel reduction of 960; including 270 in Finland and 250 in
Sweden.
Restructuring measures continued in the first half of 2009 as market
conditions weakened further. The co-operation negotiations undertaken
during 2009 involve a total of approximately 1,400 people. Of this
total approximately 450 people work in Hiab, 400 in Kalmar and 110 in
MacGregor business area. In addition, Cargotec began planning of a
major reorganisation and efficiency initiative to combine its Hiab
and Kalmar sales and services networks in Europe, Middle-East and
Africa (EMEA) affecting some 400 people. As of end of June, 61
persons from the EMEA organisation and 360 from the other 2009
restructuring in Hiab and Kalmar as well as 110 from MacGregor had
left.
Furthermore, a significant number of temporary lay-offs have been
agreed on in several locations.
Changes in management
Following the announcement in June of Cargotec's plans to develop a
new operating model for Hiab and Kalmar business areas globally, and
the formation of a new Customer Operations organisation, Pekka
Vauramo was appointed Senior Executive Vice President, Cargotec
Customer Operations as of July 1, 2009. He will continue in his role
as Deputy to CEO and as a member of Cargotec Executive Board. Harald
de Graaf was appointed Executive Vice President, Cargotec EMEA, as of
July 1, 2009. In addition, de Graaf will continue to be responsible
for Corporate Development and will remain a member of Cargotec
Executive Board. Kirsi Nuotto, a member of Cargotec's Executive
Board, was appointed Executive Vice President, Human Resources and
Communications as of July 1, 2009.
New branding strategy
Cargotec has defined a new corporate-wide branding strategy and
launched a new visual look, aimed at strengthening the Cargotec name
and its main strategic brands Hiab, Kalmar and MacGregor. The new
brand strategy supports Cargotec's 'One Company' approach and is
built on the strong reputation of its market- leading brands.
Cargotec's visibility is more prominent in the common new visual
identity of all of these brands. They all share a common symbol, the
elephant. The Cargotec elephant will be displayed on most materials
together with the three main brands, Hiab, Kalmar and MacGregor.
These three brands all have a strong reputation within Cargotec's
customer base and, also in the future, the products will be branded
with these names.
Annual General Meeting
Decision Taken at Cargotec Corporation's Annual General Meeting
Cargotec Corporation's Annual General Meeting was held on March 5,
2009 in Helsinki. The AGM approved the financial statements and
consolidated financial statements and granted discharge from
liability to the President and CEO and the members of the Board of
Directors for the accounting period January 1-December 31, 2008.
The AGM approved a dividend of EUR 0.59 per each of class A shares
and EUR 0.60 per each of class B shares outstanding to be paid.
The number of the members of the Board of Directors was confirmed at
six. Tapio Hakakari, Ilkka Herlin, Peter Immonen, Karri Kaitue and
Antti Lagerroos were re-elected to the Board of Directors. Anja
Silvennoinen was elected as a new member of the Board of Directors.
The meeting decided that a yearly remuneration of EUR 80,000 be paid
for the Chairman, EUR 55,000 for the Deputy Chairman and EUR 40,000
for the other Board members. In addition, it was decided that members
receive EUR 500 for attendance at Board and Committee meetings and
that 30 percent of the yearly remuneration will be paid in Cargotec
Corporation's class B shares and the rest in money.
Authorised public accountants Johan Kronberg and
PricewaterhouseCoopers Ltd were re-elected as auditors.
Authorisations Granted by the Annual General Meeting
The AGM authorised the Board of Directors to decide on purchasing of
own shares with non-restricted equity. The shares may be repurchased
in order to develop the capital structure of the Company, finance or
carry out possible acquisitions, implement the Company's share-based
incentive plans, or to be transferred for other purposes or to be
cancelled. Altogether no more than 6,400,000 own shares may be
repurchased, of which no more than 952,000 are class A shares and
5,448,000 are class B class. The above mentioned amounts include the
class B shares repurchased during 2005-2008 already in the Company's
possession, of which there are currently 2,990,725 such class B
shares.
In addition, the AGM authorised the Board to decide on issuance of a
maximum of 6,400,000 treasury shares, of which no more than 952,000
are class A shares and 5,448,000 are class B shares, in one or more
lots. The share issue can be directed and it is to be used to as
compensation in acquisitions and in other arrangements, to finance
acquisitions or for personnel incentive purposes. Both authorisations
shall remain in effect for a period of 18 months from date of
decision of the AGM.
Organisation of the Board of Directors
The Board of Directors elected Ilkka Herlin to continue as Chairman
of the Board. Tapio Hakakari was elected as Deputy Chairman.
Cargotec's Senior Executive Vice President Kari Heinistö continues to
act as secretary of the Board of Directors.
The Board of Directors decided that the Audit Committee and
Nomination and Compensation Committee continue to assist the Board in
its work. The Board of Directors elected among its members Ilkka
Herlin, Karri Kaitue (chairman) and Anja Silvennoinen as members of
the Audit Committee. Tapio Hakakari, Ilkka Herlin (chairman), Peter
Immonen and Antti Lagerroos were elected to the Nomination and
Compensation Committee.
Shares and trading
Share Capital
Cargotec's share capital on June 30, 2009 totalled EUR 64,304,880.
The share capital increased by EUR 600 due to share subscriptions
with Cargotec 2005B option rights during the reporting period. On
June 30, 2009, the number of class B shares listed on the NASDAQ OMX
Helsinki was 54,778,791 while that of unlisted class A shares
totalled 9,526,089.
Own shares
Cargotec held a total of 2,959,369 Company's own class B shares on
June 30, 2009. The shares were repurchased in 2005-2008.
The Board of Directors decided to exercise the authorisation of the
Annual General Meeting on March 5, 2009, to acquire the Company's own
shares. In accordance with the authorisation the shares will be
repurchased in order to develop the capital structure of the Company,
finance or carry out possible acquisitions, implement the Company's
share-based incentive plans, or to be transferred for other purposes
or to be cancelled. No own shares were repurchased during the
reporting period.
Share Ownership Plan - Issue of Own Shares as Reward Payment
The Board of Directors decided on March 5, 2009 on a directed bonus
issue of 31,356 class B shares owned by the Company to the 61
participants of the Company's share-based incentive programme as
reward payment for the earnings period 2007-2008. The decision of the
directed bonus issue is based on the authorisation of the Annual
General Meeting of Shareholders held on March 5, 2009. The maximum
amount to be paid out as shares from the incentive programme during
2007-2011 is 387,500 class B shares.
Option Rights
The Company has no valid option programme. The subscription period
with 2005B option rights ended March 31, 2009. A total of 333,570
Cargotec class B shares were subscribed with 2005B option rights
during the subscription period. After the end of the subscription
period, the unused option rights have become null and void and been
removed from their holders' book-entry accounts.
Market Capitalisation and Trading
On June 30, 2009, the total market value of class B shares was EUR
634 million, excluding treasury shares held by the Company. The
period-end market capitalisation, in which unlisted class A shares
are valued at the average price of class B shares on the last trading
day of the reporting period, was EUR 752 million, excluding treasury
shares held by the Company.
The closing price of class B shares on June 30, 2009 was EUR 12.23.
The average share price for January-June was EUR 9.02 the highest
quotation being EUR 13.25 and the lowest EUR 6.37. In January-June,
approximately 34 million class B shares were traded on the NASDAQ OMX
Helsinki, corresponding to a turnover of approximately EUR 305
million.
Short-term Risks and Uncertainties
The continuation of weakness in the world economy, which has
prevailed the first half of the year, creates significant short-term
risks and uncertainties for Cargotec's operations. These relate to
the effects on demand for Cargotec's products and services, and the
willingness of customers to invest. The fact that many factors
underlying the uncertainty are beyond the control of the company
merely serves to amplify the challenge confronting risk analysis.
A prolonged weak market situation could further erode demand for
Cargotec's products and services or disrupt its supply chain. The
credit crunch may see the postponement of investment decisions, or
the cancellation or postponement of orders. Furthermore, customers'
financial situations will affect the collection of receivables and
the level of credit loss. The weak market situation is also burdening
suppliers and sub-contractors, which may have a knock-on effect on
Cargotec's supply chain. Cargotec still estimates that around 20
percent of MacGregor's order book at the beginning of the year
contains a risk of cancellation, which deducting the already realised
cancellation figure of EUR 90 million for the first half of 2009
corresponds to approximately EUR 350 million.
A significant number of adjustment measures are underway. Efficient
implementation of the measures forms the prerequisite for improving
profitability. In a strongly deteriorating market, internal measures
do not always provide the required flexibility quickly enough,
exacerbating the challenges faced by Hiab and Kalmar, while
MacGregor's business model based on outsourcing most of the delivery
chain is more flexible.
Outlook
Due to the weak market situation, demand for Cargotec's products is
expected to continue clearly lower than last year, the decline being
milder in services.
Despite expected growth in marine cargo handling business Cargotec's
2009 sales are estimated to decline approximately 25 percent from the
previous year's level
An estimated total of approximately EUR 50 million will be booked as
productivity-improving restructuring costs for 2009, with EUR 22
million reported in the first half.
Cargotec estimates 2009 operating profit after restructuring costs to
be slightly positive, however, cash flow from operations is estimated
to continue clearly positive in the second half of 2009.
Financial Calendar
Interim Report January-September 2009 on Thursday October 22, 2009
2009 Financial Statements Review on Wednesday February 3, 2009
Helsinki, July 20, 2009
Cargotec Corporation
Board of Directors
This interim report is unaudited.
Cargotec's Interim Report January-June 2009
Condensed Consolidated Statement of Income
MEUR 4-6/2009 4-6/2008 1-6/2009 1-6/2008 1-12/2008
Sales 677.9 900.6 1,352.8 1,627.2 3,399.2
Cost of goods
sold -578.7 -710.9 -1,144.3 -1,293.3 -2,762.5
Gross profit 99.2 189.7 208.5 333.9 636.7
Gross profit,
% 14.6 % 21.1 % 15.4 % 20.5 % 18.7 %
Costs and
expenses -96.1 -126.6 -190.5 -226.6 -444.5
Restructuring
costs -13.1 - -21.9 - -19.1
Share of
associated
companies'
and joint
ventures'
income -0.1 0.0 0.0 0.0 0.6
Operating
profit -10.0 63.1 -3.9 107.3 173.7
Operating
profit, % -1.5 % 7.0 % -0.3 % 6.6 % 5.1 %
Financing
income and
expenses -8.7 -6.5 -14.0 -11.2 -28.5
Income before
taxes -18.8 56.7 -17.9 96.1 145.2
Income before
taxes, % -2.8 % 6.3 % -1.3 % 5.9 % 4.3 %
Taxes 11.5 -18.0 12.1 -26.0 -24.4
Net income
for the
period -7.3 38.7 -5.8 70.1 120.8
Net income
for the
period, % -1.1 % 4.3 % -0.4 % 4.3 % 3.6 %
Net income for the period attributable to:
Equity
holders of
the Company -7.6 38.0 -6.9 68.9 118.4
Minority
interest 0.4 0.7 1.1 1.2 2.4
Total -7.3 38.7 -5.8 70.1 120.8
Earnings per share for profit attributable to the equity holders of the
Company:
Basic
earnings per
share, EUR -0.12 0.61 -0.11 1.11 1.91
Diluted
earnings per
share, EUR -0.12 0.61 -0.11 1.10 1.91
Consolidated Statement of Comprehensive Income
4-6/2009 4-6/2008 1-6/2009 1-6/2008 1-12/2008
Net income
for the
period -7.3 38.7 -5.8 70.1 120.8
Gain/loss on
cash flow
hedges 21.1 -10.2 -34.4 25.1 -131.1
Gain/loss on
cash flow
hedges
transferred
to Income
Statement 14.0 -3.2 36.6 -6.8 29.2
Translation
differences -17.4 -0.3 -10.8 -10.6 9.8
Taxes
relating to
components of
other
comprehensive
income -5.8 3.9 -0.9 -5.0 27.9
Comprehensive
income for
the period 4.7 28.9 -15.2 72.8 56.6
Comprehensive
income for
the period
attributable
to:
Equity
holders of
the Company 4.1 29.7 -15.8 71.7 53.2
Minority
interest 0.6 -0.8 0.6 1.2 3.4
Total 4.7 28.9 -15.2 72.8 56.6
The consolidated comprehensive income is presented according to
revised IAS 1.
Condensed Consolidated Statement of Financial Position
ASSETS
MEUR 30.6.2009 30.6.2008 31.12.2008
Non-current assets
Intangible assets 765.1 778.0 754.1
Tangible assets 296.7 265.5 283.5
Loans receivable and other
interest-bearing assets 1) 7.4 6.6 7.7
Investments 8.5 8.5 9.0
Non-interest-bearing assets 119.8 83.9 160.3
Total non-current assets 1,197.5 1,142.6 1,214.6
Current assets
Inventories 744.3 820.3 881.9
Loans receivable and other
interest-bearing assets 1) 1.5 0.3 0.2
Accounts receivable and other
non-interest-bearing assets 651.7 753.4 863.0
Cash and cash equivalents 1) 148.1 95.6 79.2
Total current assets 1,545.6 1,669.7 1,824.3
Total assets 2,743.1 2,812.2 3,038.9
EQUITY AND LIABILITIES
MEUR 30.6.2009 30.6.2008 31.12.2008
Equity
Shareholders' equity 803.0 895.8 855.3
Minority interest 8.7 7.3 9.1
Total equity 811.8 903.1 864.4
Non-current liabilities
Loans 1) 536.6 419.7 440.2
Deferred tax liabilities 36.5 47.3 43.0
Provisions 21.6 37.9 34.6
Pension benefit and other
non-interest-bearing
liabilities 119.7 89.3 144.7
Total non-current liabilities 714.4 594.2 662.5
Current liabilities
Loans 1) 73.8 53.1 114.6
Provisions 71.9 62.0 70.4
Advances received 396.6 363.2 420.4
Accounts payable and other
non-interest-bearing
liabilities 674.6 836.8 906.5
Total current liabilities 1,216.9 1,315.0 1,512.0
Total equity and liabilities 2,743.1 2,812.2 3,038.9
1) Included in interest-bearing net debt. In addition, the calculation
of the interest-bearing net debt includes the hedging of cross-currency
risk relating to the USD 300 million Private Placement bond, totalling
EUR 13.5 (June 30, 2008: 35.4 and December 31, 2008: 10.2) million on
June 30, 2009.
Consolidated Statement of Changes in Equity
Attributable to the equity holders of the Company
Trans-
Share lation Fair Retained
Share premium diffe- value earn- Minority Total
MEUR capital account rences reserves ings Total interest equity
Equity on
1.1.2008 64.2 97.4 -29.6 19.9 738.7 890.6 6.1 896.7
Comprehensive
income for
the period* -10.6 13.3 68.9 71.7 1.2 72.8
Dividends
paid -65.3 -65.3 -0.3 -65.6
Shares
subscribed
with
options 0.0 0.4 0.4 0.4
Acquisition
of
treasury
shares -2.3 -2.3 -2.3
Share-based
incentives,
value of
received
services * 0.7 0.7 0.7
Other
changes 0.3 0.3
Equity on
30.6.2008 64.3 97.7 -40.2 33.3 740.7 895.8 7.3 903.1
Equity on
1.1.2009 64.3 98.0 -20.4 -54.5 768.0 855.3 9.1 864.4
Comprehensive
income
for the
period* -10.5 1.6 -6.9 -15.8 0.6 -15.2
Dividends
paid -36.7 -36.7 -0.4 -37.1
Shares
subscribed
with options 0.0 0.0 0.0 0.0
Share-based
incentives,
value of
received
services * 0.1 0.1 0.1
Other
changes 0.0 -0.5 -0.5
Equity on
30.6.2009 64.3 98.0 -30.9 -52.9 724.5 803.0 8.7 811.8
* Net of tax
Condensed Consolidated Statement of Cash Flows
MEUR 1-6/2009 1-6/2008 1-12/2008
Net income for the period -5.8 70.1 120.8
Depreciation 27.5 27.8 60.1
Other adjustments 1.9 37.2 52.3
Change in working capital 83.2 -40.3 -99.4
Cash flow from operations 106.8 94.7 133.8
Cash flow from financial items and
taxes -12.7 -22.2 -40.1
Cash flow from operating activities 94.1 72.6 93.7
Acquisitions -2.9 -34.2 -46.5
Cash flow from investing
activities, other items -43.1 -51.7 -108.6
Cash flow from investing activities -46.0 -85.9 -155.1
Acquisition of treasury shares - -2.3 -23.6
Proceeds from share subscriptions 0.0 0.4 0.7
Dividends paid -37.1 -65.7 -66.6
Proceeds from long-term borrowings 96.8 0.7 0.7
Repayments of long-term borrowings -0.7 -1.8 -2.4
Proceeds from short-term borrowings 3.8 15.0 61.3
Repayments of short-term borrowings -42.3 -16.4 -32.0
Cash flow from financing activities 20.3 -70.0 -61.9
Change in cash 68.5 -83.4 -123.3
Cash, cash equivalents and bank
overdrafts at the beginning of
period 45.9 167.5 167.5
Effect of exchange rate changes 0.6 -0.1 1.7
Cash, cash equivalents and bank
overdrafts at the end of period 115.0 84.1 45.9
Bank overdrafts at the end of
period 33.1 11.6 33.3
Cash and cash equivalents at the
end of period 148.1 95.6 79.2
Key Figures
1-6/2009 1-6/2008 1-12/2008
Equity/share EUR 13.09 14.38 13.95
Interest-bearing net debt MEUR 466.8 405.5 477.8
Total equity/total assets % 34.6 36.9 33.0
Gearing % 57.5 44.9 55.3
Return on equity % -1.4 15.6 13.7
Return on capital employed % -0.4 15.9 12.7
Segment Reporting
Sales by geographical segment,
MEUR 1-6/2009 1-6/2008 1-12/2008
EMEA 680 959 1 901
Americas 223 255 556
Asia Pacific 450 413 942
Total 1,353 1,627 3,399
Sales by geographical segment, % 1-6/2009 1-6/2008 1-12/2008
EMEA 50.3 % 58.9 % 55.9 %
Americas 16.5 % 15.7 % 16.4 %
Asia Pacific 33.2 % 25.4 % 27.7 %
Total 100.0 % 100.0 % 100.0 %
Sales, MEUR 1-6/2009 1-6/2008 1-12/2008
Hiab 292 483 907
Kalmar 588 717 1,515
MacGregor 475 431 985
Internal sales -2 -4 -8
Total 1,353 1,627 3,399
Operating profit, MEUR 1-6/2009 1-6/2008 1-12/2008
Hiab -20.0 * 36.2 49.4 **
Kalmar 19.3 * 51.7 89.6 **
MacGregor 41.7 33.8 83.6
Corporate administration and
support functions -23.0 * -14.4 -29.8 **
Operating profit from operations 18.0 * 107.3 192.8 **
Restructuring costs -21.9 - -19.1
Total -3.9 107.3 173.7
Operating
profit, % 1-6/2009 1-6/2008 1-12/2008
Hiab -6.8 % * 7.5 % 5.4 % **
Kalmar 3.3 % * 7.2 % 5.9 % **
MacGregor 8.8 % 7.8 % 8.5 %
Cargotec,
operating
profit from
operations 1.3 % * 6.6 % 5.7 % **
Cargotec -0.3 % 6.6 % 5.1 %
* Excluding restructuring costs of which business segment Hiab
accounted for EUR 14.2 million, Kalmar for EUR 6.3 million and
Corporate administration and support functions for EUR 1.4 million.
** Excluding restructuring costs of which business segment Hiab
accounted for EUR 14.1 million, Kalmar for EUR 4.5 million and
Corporate administration and support functions for EUR 0.3 million.
Orders received, MEUR 1-6/2009 1-6/2008 1-12/2008
Hiab 268 467 818
Kalmar 411 853 1,566
MacGregor 251 854 1,393
Internal orders received -2 -5 -9
Total 928 2,168 3,769
Order book, MEUR 30.6.2009 30.6.2008 31.12.2008
Hiab 138 238 164
Kalmar 514 790 704
MacGregor 1,903 2,334 2,187
Internal order book 0 -2 -1
Total 2,555 3,360 3,054
Capital expenditure, MEUR 1-6/2009 1-6/2008 1-12/2008
In fixed assets (excluding
acquisitions) 41.6 28.9 75.7
In leasing agreements 0.3 0.2 1.1
In customer financing 13.7 20.2 35.9
Total 55.6 49.4 112.8
Number of employees at the end
of period 30.6.2009 30.6.2008 31.12.2008
Hiab 3,729 4,685 4,308
Kalmar 4,242 4,737 4,766
MacGregor 2,492 2,527 2,577
Corporate administration and
support functions 312 148 175
Total 10,775 12,097 11,826
Average number of employees 1-6/2009 1-6/2008 1-12/2008
Hiab 4,045 4,523 4,509
Kalmar 4,495 4,588 4,680
MacGregor 2,503 2,347 2,449
Corporate administration and
support functions 265 109 139
Total 11,308 11,567 11,777
Notes
Taxes in income
statement
MEUR 1-6/2009 1-6/2008 1-12/2008
Current year tax expense 1.6 33.6 44.3
Change in deferred tax
assets and liabilities -8.7 -4.1 -9.7
Tax expense for previous
years -5.0 -3.6 -10.2
Total -12.1 26.0 24.4
Commitments
MEUR 30.6.2009 30.6.2008 31.12.2008
Guarantees 0.2 0.7 0.2
Dealer financing 0.1 0.2 0.2
End customer financing 10.1 6.3 11.5
Operating leases 57.0 47.0 48.0
Other contingent
liabilities 3.9 3.6 4.0
Total 71.3 57.8 63.9
Cargotec leases property, plant and equipment under non-cancellable
operating leases. The leases have varying terms and renewal rights.
It is not anticipated that any material liabilities will arise from
trade finance commitments.
Fair values of derivative financial instruments
Positive Negative Net fair Net fair Net fair
fair value fair value value value value
MEUR 30.6.2009 30.6.2009 30.6.2009 30.6.2008 31.12.2008
FX forward
contracts,
cash flow
hedges 55.0 136.4 -81.5 23.8 -119.4
FX forward
contracts,
non-hedge
accounted 5.1 4.4 0.7 0.8 67.2
Cross currency
and interest
rate swaps,
cash flow
hedges 0.4 2.4 -2.1 -14.6 23.7
Total 60.4 143.2 -82.8 10.0 -28.4
Non-current
portion:
FX forward
contracts,
cash flow
hedges 14.7 50.7 -35.9 5.6 -53.2
Cross currency
and interest
rate swaps,
cash flow
hedges 0.4 2.4 -2.1 -14.6 23.7
Non-current
portion 15.1 53.1 -38.0 -9.1 -29.5
Current
portion 45.3 90.1 -44.8 19.1 1.1
Cross currency and interest rate swaps hedge the US Private Placement
corporate bond funded in February 2007.
Nominal values of derivative
financial instruments
MEUR 30.6.2009 30.6.2008 31.12.2008
FX forward contracts 2,687.8 3,107.3 3,617.5
Cross currency and interest rate
swaps 225.7 225.7 225.7
Total 2,913.5 3,333.1 3,843.3
Acquisitions
In March, Cargotec acquired the 18% minority share of Kalmar España,
S.A. After acquisition, Cargotec has 100% ownership of the company's
shares.
Hiab has established a small joint-venture focusing on the
environmental segment in China.
Accounting Principles
The interim report has been prepared according to the International
Accounting Standard 34: Interim Financial Reporting. The accounting
policies adopted are consistent with those of the annual financial
statements of 2008. All figures presented have been rounded and
consequently the sum of individual figures may deviate from the
presented sum figure.
Adoption of new and revised standards starting on January 1, 2009
Starting from January 1, 2009 Cargotec has adopted the following new
and revised standards by the IASB published in 2008:
- IFRS 8, Operating segments: The adoption of the new standard does
not have a material effect on the interim financial statements, as
Cargotec segment reporting was also previously aligned with
management reporting, and the accounting principles of the management
reporting are consistent with those of the financial reporting.
-IAS 1, Presentation of Financial Statements: The adoption of the
revised standard has an impact on the presentation of interim
financial statements.
- IAS 23, Borrowing Costs: The amended standard requires that also
the borrowing costs that are directly attributable to the acquisition
of the qualifying asset form part of the cost of that asset. In
previous years, Cargotec has expensed such borrowing costs as
incurred. The amendment has no material impact on the result for the
interim reporting period.
Calculation of key figures
Total equity attributable to the
shareholders of the parent company
Equity / share = ____________________________________________
Share issue adjusted number of shares
at the end of period (excluding treasury
shares)
Interest-bearing Interest-bearing debt* - interest-bearing
net debt = assets
Total equity
Total equity / 100
total assets (%) = x ____________________________________________
Total assets - advances received
Interest-bearing debt* - interest-bearing
assets
100
Gearing (%) = x ____________________________________________
Total equity
Net income for period
Return on equity 100
(%) = x ____________________________________________
Total equity (average for period)
Income before taxes + interest and other
financing expenses
Return on capital 100
employed (%) = x ____________________________________________
Total assets - non-interest-bearing debt
(average for period)
Net income for the period attributable to the
shareholders of the parent company
Basic earnings /
share = ____________________________________________
Share issue adjusted weighted average
number of shares during the
period (excluding treasury shares)
* Including cross currency hedging of the USD 300 million Private
Placement corporate bond.
Quarterly Figures
Cargotec Q2/2009 Q1/2009 Q4/2008 Q3/2008 Q2/2008
Orders received MEUR 471 456 633 967 1,013
Order book MEUR 2,555 2,772 3,054 3,486 3,360
Sales MEUR 678 675 924 848 901
Operating profit MEUR 3.0 * 15.0 * 35.9 * 49.6 63.1
Operating profit % 0.4 * 2.2 * 3.9 * 5.8 7.0
Basic
earnings/share EUR -0.12 0.01 0.14 0.66 0.61
Hiab Q2/2009 Q1/2009 Q4/2008 Q3/2008 Q2/2008
Orders received MEUR 130 138 157 194 238
Order book MEUR 138 148 164 229 238
Sales MEUR 139 153 216 209 253
Operating profit MEUR -11.9 * -8.1 * 3.7 * 9.5 18.5
Operating profit % -8.5 * -5.3 * 1.7 * 4.5 7.3
Kalmar Q2/2009 Q1/2009 Q4/2008 Q3/2008 Q2/2008
Orders received MEUR 187 224 348 365 363
Order book MEUR 514 611 704 778 790
Sales MEUR 282 306 413 386 396
Operating profit MEUR 5.6 * 13.6 * 12.1 * 25.8 32.3
Operating profit % 2.0 * 4.5 * 2.9 * 6.7 8.2
MacGregor Q2/2009 Q1/2009 Q4/2008 Q3/2008 Q2/2008
Orders received MEUR 155 96 129 411 415
Order book MEUR 1,903 2,013 2,187 2,480 2,334
Sales MEUR 257 218 298 256 254
Operating profit MEUR 23,3 18.4 30.7 19.1 21.9
Operating profit % 9.1 8.5 10.3 7.5 8.6
* Excluding restructuring costs
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